PARIS, Feb 25 (Reuters) - French gas and power utility Engie
plans to focus on regulated activities that are not
exposed to commodity prices, after writedowns on its oil and gas
business cost it 8.7 billion euros ($9.6 billion).

The charges pushed Engie into a 4.6 billion net loss for
2015, reversing a 2.4 billion profit in 2014 and follow a 15
billion euro writedown on gas power plants and gas storage
facilities in 2013 which led to a 9.7 billion loss.

CEO Gerard Mestrallet said on Thursday the writedowns had no
impact on Engie's cash or debt and were mainly related to its
oil and gas exploration and production activities and, to a
lesser degree, its merchant electricity generation assets.

Engie is not alone in taking such a hit. Brokerage Jefferies
estimates that since 2010, Europe's 12 largest integrated
utilities have taken 93 billion euros worth of asset writedowns.
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